From a divorce to the illness of a child, fewer people are making it to age 40 without a crisis affecting their plans to save for retirement.
According to an AARP Financial Inc. and Boston Research Group survey of 1,200 adults between ages 40 and 70, 57% had experienced a major life crisis. Among them, a job loss (18%), divorce (29%), death of a spouse or life partner (10%), a serious illness or long-term disability (24%), or the illness or disability of a child (7%). The findings showed that roughly 43% were able to make to their middle age years without being affected by a life crisis.
The number of retirement-age Americans seeking employment is also on the rise. According to the survey, 433,000 of them were looking for jobs in February, twice as many as those in November 2007.
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Advisers continue to suggest having an emergency stash of savings, insure insurance plans are adequate to cover disabilities and illnesses, keep an eye on which jobs are in demand and take classes to keep skills up to date.
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